In a report released today, James Ricchiuti from Needham reiterated a Buy rating on Teledyne Technologies, with a price target of $615.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
James Ricchiuti has given his Buy rating due to a combination of factors including Teledyne Technologies’ strong performance in the third quarter. The company’s sales increased by 6.7% year-over-year, surpassing market expectations, and its earnings per share also exceeded consensus estimates.
Additionally, Teledyne’s short-cycle business is showing signs of recovery, with growth in its legacy DALSA and e2v businesses. The aerospace and defense segment remains a strong point, driven by organic growth in defense and recent acquisitions. Despite a conservative outlook for the fourth quarter due to concerns about a government shutdown, Ricchiuti is optimistic about the company’s future performance, leading to an increase in EPS estimates and a higher price target.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $640.00 price target.